Methods to buying Life insurance coverage

You bought your first home and the term ‘mortgage lifestyle insurance’ came in place.
You recently obtained betrothed and they are refining their plans spouse and children; life insurance may well one thinks of.
There are lots of good reasons to buy life insurance, so when you will find which purpose it can be right now the perfect time to come to a decision in which and the amount of to acquire.
A good insurance checklist will help.
•    What must you gain with all your coverage?
Contemplate what you look for your daily life insurance to try and do:
•    Pay payments
•    Mortgage or even other debt
•    Replace earnings
•    Contribute to children’s’ knowledge
•    Set in place any altruistic gift
•    Pay income tax upon opportunities
•    Or almost all or even a few of the over
Figuring out just what you want to complete with all your life insurance policy and around the amount of you have to gain these kinds of goals will allow you to see how a lot life insurance you should consider acquiring.
•    Who will be the assignee?
Some sort of life insurance policy in your lifestyle will also be in your partner’s lifestyle. Would you like a single lifestyle, multi-life (2 policies) or even shared first to die or even shared previous to die?
•    How long will you be needing life insurance?
You'll find computations with determining the time you'll need your daily life insurance, however normally you can quickly carry out your math concepts.
•    When will probably your home loan possibly be paid?
•    When will probably the youngsters conclude classes?
•    When do you think you're retiring?
•    For property planning reasons or even altruistic gifts, your daily life insurance may require an increasingly lasting answer.
Thus right now you have people answers it’s moment to check out payments. A good insurance broker can store each of the businesses to discover the greatest rate, however be sure you know very well what continues to be offered – normal or even chosen.
You'll find a couple standard life insurance rate groups to consider with regards to when searching for life assurance: normal premiums and chosen. Standard life insurance premiums include the premiums the majority of Canadians excellent for, whilst with regards to 1 / 3rd on the people is actually eligible for chosen premiums.
Recommended life insurance premiums are generally agreed to really healthy individuals and means you may shell out an inferior premium when compared with the majority of. Typically chosen premiums can be found only one time the outcome on the health care facts and checks tend to be acknowledged. It will depend on your bloodstream strain, cholesterol amounts, top, bodyweight, and spouse and children wellbeing historical past. Although chosen premiums tend to be worth it. These people will save you around 30-35% away from your offered premium.
When you compare rates, ensure that you’re researching ‘standard to standard’ or even ‘preferred to preferred’ life insurance premiums. If you’re uncertain, inquire the actual broker. It will be unsatisfying to uncover you were offered chosen premiums at the beginning, solely to uncover an individual don’t excellent for him or her later.
•    Now inquire the actual broker just what health care questions will be questioned and don’t hesitate to reveal virtually any health care facts in advance. A regular rate can easily go to a rated coverage for those who have any condition.
•    Ask with regards to renewal selections
Some sort of 10 yr period is actually guaranteed for 10 years, any 20 for 20 and so on. Although what the results are upon renewal, could be the coverage guaranteed to restore; in just what cost and for the time?
•    Consider the actual conversion selections and restrictions to the coverage:
While your daily life adjustments consequently carry out your daily life insurance desires and you might wish an opportunity to alter your coverage someday.
To help alter any term coverage method for transport almost all, or even component of, the actual loss of life benefit of the actual coverage right lasting lifestyle coverage with out a health care. One example is, state an individual formerly added any period coverage to guard home financing and little ones. After the home loan is actually compensated and the little ones have become, you might find it desirable to alter the actual coverage in to one who provides you with the latest level premium to the relaxation you could have, and a loss of life gain which is guaranteed to not terminate since you get older.
If you buy your life insurance policy, determine when you'll find virtually any limits in your get older before conversion. In many instances, an individual have the choice regarding switching taking you happen to be 70 or even 80. At the same time, make sure you receive many selections regarding the kind of guidelines you can transfer to, the harder the greater.
•    Choose any life insurance broker you can rely on. These types of questions ought to be responded to because of your life insurance broker before you inquire, and a entire desires research be practiced in advance to determine your particular volume.

Do you have proper homeowners insurance and an eathquake plan for Victoria, BC

What are the consequences of a Strong Earthquake in Victoria BC?
Your home may have some level of structural damage to foundations, cripple walls, anchorage of walls to the floor or roof, masonry chimney, and around the garage opening or large window openings if soft story conditions are met. On the other hand, damage to non-structural elements and contents is most likely to occur to interior partitions, exterior wall panels, suspended ceilings, electrical and mechanical equipment, ducts, water and gas pipes, water heaters, hanging objects, furniture, home electronics, dishes, etc. In the meantime, electrical, gas, water and sewage, and transportation systems are most likely to be disrupted for several days, weeks, or even months after a strong earthquake. Emergency response agencies and hospitals will likely be over-whelmed and unable to provide immediate assistance. To help your family cope during and after future inevitable earthquakes, you should establish, update, or maintain your own earthquake preparedness plan now.

What is an Earthquake Preparedness Plan?
Earthquake preparedness is to know how to setup various disaster plans before a moderate-to-large earthquake hits your area, and how to react during and after the earthquake. The objective is to protect yourself and your family from destructive earthquakes as well as to minimize the earthquake damage to your home and its contents. Seismic retrofitting and contents mitigation are two major components of earthquake preparedness that will be discussed in separate articles. Disaster management and disaster recovery during and after the earthquake will also be discussed in another article. In this article, you will learn how to prepare personal survival kits, a household emergency kit including emergency food and water for two weeks, a financial recovery kit, and other essential emergency preparedness items.

How to Prepare Personal Survival Kits?
For each household member; keep one survival kit at home, another in the car, and a third kit at work/school. Backpacks or other small bags are best for survival kits. These kits are collections of first aid, survival, and emergency supplies that shall include:

1. Medications, prescriptions list, medical insurance cards copies, doctors' names and contact information.
2. First aid kit and handbook, dust mask, sturdy shoes, and whistle.
3. Spare eyeglasses or contact lenses and cleaning solutions.
4. Personal hygiene supplies.
5. Bottled water, snack foods high in calories, and toiletries.
6. Working flash-light with extra batteries and light bulbs.
7. Extra cell phone battery and charger.
8. Emergency cash and road maps.
9. Copies of personal identification, and list of out-of-area emergency contact phone numbers.
10. Games, crayons, writing materials and teddy bears for children.

How to Prepare a Household Emergency Kit?
Store a household emergency kit in an easily accessible outdoor location other than the garage. This kit which complements your family's personal survival kits should be in a large watertight container that can be easily moved and should hold at least one week (ideally two weeks) emergency supplies of the following items:

1. A minimum of one gallon per person per day of drinking water.
2. Emergency food that is canned and packaged.
3. Cooking utensils including a manual can opener.
4. Charcoal or gas grill for outdoor cooking and matches.
5. Pet food and pet restraints.
6. First aid supplies and medications.
7. Essential hygiene items such as soap, toothpaste, and toilet paper.
8. Extra car and house keys.
9. A wrench and other basic tools.
10. Working flash-light with extra batteries and light bulbs.
11. A portable battery-operated radio with spare batteries.
12. Comfortable warm clothing, baby items, extra socks, blankets or sleeping bags, and even a tent.
13. Work gloves and protective goggles.
14. Heavy-duty plastic bags for waste and to serve other uses.

How to Prepare a Financial Recovery Kit?
Copies of your essential financial documents should be kept in a fire-proof document safe in order to be available after a damaging earthquake. Consider purchasing a home safe or renting a safe deposit box. Copies of essential documents in this financial recovery kit shall include:

1. Picture identifications, birth certificates, social security cards, naturalization papers or residency documents, passports, driver licenses, marriage license or divorce papers, child custody papers, and power of attorney papers.
2. Medical prescription and records.
3. Mortgage, home improvement records, homeowner and auto insurance policies, and earthquake insurance policy.
4. A list of phone numbers for your financial institutions and credit card companies.
5. Bank statements and financial records, credit card numbers, and certificates for stocks, bonds, and other investments.
6. A list of your household inventory and possessions with photos and videos. Appraisals of valuable jewelry, art, and antiques. This item is particularly important for earthquake insurance claims.
7. Deeds, titles, and other ownership records for property such as homes, autos, recreation vehicles, and boats.
8. A backup of critical files on your computer. A list of names, phone numbers, and e-mail addresses of critical personal and business contacts.
9. Wills or trust documents.
10. Emergency cash.

Other Emergency Preparedness Items

1. Provide all family members with a list of important contact phone numbers including a designated out-of-area emergency contact person who can be called by everyone to tell where they are.
2. Locate a safe place outside your home to meet your family after the shaking stops.
3. Determine where to live if your home cannot be occupied after an earthquake.
4. Know about the earthquake preparedness plan developed by your children's school or day care.
5. Keep a working flashlight and sturdy shoes next to everyone's bed.
6. Install smoke alarms, test them monthly, and change the battery once a year.
7. Buy a fire extinguisher, put it in an easily accessible location, and get training in how to use it properly.
8. Keep needed tools near utility shutoffs and learn how to turn off electricity, water, and gas. Only turn off the gas if you smell or hear leaking gas.
9. Identify safe spots in every room, such as under sturdy desks and tables, then practice "drop, cover, and hold on" with your family specially children. Learn how to protect your head at all times during earthquake shaking.
10. Determine the best escape routes from your home and from each room.
11. Take a Red Cross first aid and cardiopulmonary resuscitation (CPR) training course.

Does your homeowners insurance Policy in Victoria BC cover you for Earthquake? If it does is the company insuring your home financially secure?
Discovery Insurance Services Ltd is an insurance broker  Victoria BC and we are open 7 days a week for your auto insurance and home insurance needs. If you need to renew your Autoplan coverage we are open late Wednesdays, Thursdays and Fridays. We are also open Sundays!

Life Insurance Renewal Time

You just received a letter in the mail from your life insurance company informing you that your term is up and your premium will now be going through the roof.
Your first question is why.
When you purchased your policy (if you can remember that far back) it was for either a ten or fifteen or twenty year term. That means that the life insurance company guaranteed that you can keep your policy to (in some cases) age 80 or 85 but that the premiums would contractually change at each of the 10 or 15 or 20 year intervals.
I have good news and bad news. The bad news is these new premiums are based on mortality taken from years ago and are about two to three times the market rate. That is a bad deal on the surface but not so bad if you have a life threatening illness or disease.
The good news is, you can shop this out to another company, or even the same one, go through the medical tests and answer all of the questions, and if you qualify, you can purchase the same policy for almost what you were paying in the first place.
This is possible because of the new preferred life insurance rates that have been around for over 15 years.
Life insurance companies have categorized their plans as level 1, 2, 3, or 4. The category you qualify for is based on a number of criteria: height and weight, blood pressure, cholesterol levels, family history, your own historical health history, etc.


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Don't Let Critical Illness Impact Your Retirement Savings

Getting sick isn’t something any of us like to think about. But it can happen. In fact, your risk of being diagnosed with a critical illness before age 65 is higher than your risk of dying in that time. As Joe discovered, treating and coping with illness can mean significant and often unexpected costs that may not be covered by provincial or employer health plans. Critical illness insurance can help you pay the expenses associated with getting sick by providing a cash benefit. If you’re diagnosed with one of the conditions defined in your contract and you survive the waiting period. With the cash benefit you can:

• Hire a nurse or caregiver to help you at home
• Pay off your mortgage
• Receive income when you can’t work or your partner takes a leave of absence from his or her job to assist you
• Help protect your retirement plans
• Help manage business expenses
• Take a vacation or reduce your workload to help you recover

Planning for the unexpected is critical
Critical illness insurance is part of a good financial strategy as it helps you to plan for the unexpected. No one anticipates getting sick. And, if you’re fortunate enough to live a long and healthy life, many critical illness plans offer Return of Premium options that can give you some or all of your money back.

The critical illness insurance market is growing in Canada and many companies now offer this type of “living benefit” insurance. With so many plans to choose from, how can you decide which one is right for you?

As you evaluate the various options, consider choosing a critical illness policy that offers:

• Coverage for the conditions that pose the greatest threat to your health and present the most significant recovery demands and the greatest financial challenges
• A partial benefit if your condition isn’t life threatening, but is life altering. There are plans that give you 25 per cent of your coverage (up to a maximum of $50,000) for conditions not normally covered by other critical illness products
• The ability to receive a portion of your benefit up front so your recovery can begin sooner; some plans offer a recovery benefit of 10 per cent of your coverage (up to a maximum of $10,000) that helps you get some benefits faster, without having to fulfill the waiting period.

Significant impact on retirement savings
Many people who get sick have no choice but to turn to their savings to pay their medical costs. For some, this means tapping into their retirement savings to finance their recovery. As you can imagine, this can significantly impact your financial plan and retirement strategy. It may mean working longer and putting off retirement or accepting a diminished lifestyle during retirement. The point is that many people do not plan to get sick and, therefore, may not budget for it.
Joe had planned to retire comfortably at 65

The cost of Joe’s recovery exceeded $100,000. The price of new therapies and other medical costs, and Joe’s inability to work full-time for an extended period, contributed to his soaring expenses. Joe came up with the money to pay the bills, but only by dipping into his retirement savings. Joe and his wife, Mary, had a plan in place to retire, but Joe’s unexpected illness took them off course.
Joe and Mary had intended to retire comfortably when Joe turned 65. They had contributed to their Registered Retirement Savings Plans (RRSPs) each year and had started accumulating money in non-registered savings accounts as well. Unfortunately, their plan is now unrealistic. With additional unexpected expenses and the RRSP withdrawals they made because of Joe’s illness, Joe and Mary won’t be able to live the lifestyle they expected in retirement.

Group Benefits are Your Way of Saying Thanks

If you own a small business, you’ve likely spent years building your company. You’ve got repeat customers and created a great reputation. Your employees are loyal and your success depends on them. However, for one reason or another you may not offer a group benefits plan.

Here’s why you may want to reconsider: maintaining a healthy workplace and a healthy workforce are two critical pieces of every business plan, and group benefits can help achieve those dual objectives.

Perhaps, as time ticks on and medical needs grow, you’re recognizing that providing health coverage and financial protection is a meaningful way to thank your employees for their hard work. After all, one of the greatest gifts you can give your team is the confidence that comes with knowing many of their own medical needs – and those of their family members – are covered and that their loved ones can be protected financially in the future.

Health insurance covers the catastrophic event of an employee dependent on expensive prescription drugs along with travel insurance, ambulance and many other necessities not necessarily covered by provincial health plans. Not to mention the most important part being long-term disability benefits.
Let’s look at a hypothetical example that might ring true for you.

Bill is the 45-year old owner of an engineering firm. Due to changing government regulations, and a recent foray into the booming energy sector, Bill’s enterprise has grown from seven to more than 20 employees, and he’s opening two small satellite offices.

Over the past year, Bill has devoted his energy to winning new customers; hiring new staff; training new, young employees; opening offices; leasing equipment and vehicles; and meeting the many other demands of a growing company. During this period of growth, Bill has had less time to devote to his long-term employees.
For the past few months, some of Bill’s employees have left including a key person he depended on. These staff departures have happened in the midst of Bill’s efforts to hire talented people who will help support the growth of his firm. With plans for the future, he is now looking for new ways to attract and keep high-performing staff. Bill realized that he has to take steps to keep his employees-

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SPEAK WITH YOUR ADVISOR
For a thorough evaluation of your insurance needs, please speak with our advisor.

Budget is not a 4 Letter Word

Businesses and non-profit organizations make budgets every year and they track every penny and plan each expenditure.

As an individual or family it is also important to budget yet most of us fail to do so. We make plans for the weekend or vacations, but we don’t make plans for our money. A budget helps you see exactly how you spend your cash. Then you can make informed decisions about what you can afford right now, start saving for future purchases and build in room for longer-term investments that can help you achieve objectives such as retirement income.

The first step is to record all your income and expenses for a month. You will soon learn how to analyze your spending habits and find ways to improve.

Under income, include your after-tax salary as well as any other sources of money such as investments. Under expenses, consider everything from your rent or mortgage payments to the coffee and muffin you buy on your way to work. Common categories of expenses include housing, utilities, communications, food, clothing, transportation, entertainment and insurance. To make sure your list is as complete as possible, carry around a notepad with you for one complete month and jot down every purchase.
Eventually you will see if your expenses are exceeding your income or vice versa. If they are then it’s time to cut back, if not you will know how much you can save each month for retirement, a holiday or that new fridge.

Once you know where you are spending your money it’s easy to prioritize and find ways to reduce your expenses. You would be surprised to know how much money you can save without changing your lifestyle. Sometimes just a quick call to your cell phone provider can get you a better plan for less money.

What you’ll discover is that small amounts add up quickly over time, so making minor changes that don’t have a big impact on your lifestyle can help you set aside significantly more money. Need some incentive to save? Write down your short-term and long-term goals and post the list in a place where you’ll see them all the time – for example, your fridge door. A daily reminder that you’re working towards a trip to Europe and a down payment on a new home will go a long way towards curbing the urge to splurge.

There is another way to create more from less by transferring some of your savings from your chequing account earning no interest to a high interest savings account. Even better open up a tax free savings account where the interest grows tax free.

A more sophisticated solution is an all-in-one account that combines your chequing, deposit and borrowing activities to reduce the interest you pay on your debt. An all-in-one account is designed for people who have a mortgage and perhaps other debts such as car loans and credit card balances. By consolidating this debt, you can lower the total amount of interest you’re paying each month, immediately increasing your budget surplus. Then add in your savings. An all-in-one account puts your money to work right away to reduce your debt – but you can still access it (up to your borrowing limit) whenever you want. Finally, you can deposit your income directly into your all-in-one account so it reduces your debt until you need the money to cover your monthly expenses.

There are ideas to reduce the amount of income tax you pay each year as well, especially if you are self-employed.
Talk to your accountant or advisor to analyze your budget and see if there are expenses that are tax deductible.
Your advisor can help you design a plan with a streamlined package of solutions that make your budget work more efficiently, boost your savings in the short and long term and improve your overall financial plan. If you dont have any Advisor, Contact us Discovery Insurance.

Tax Free Savings Accounts

Tax free savings accounts were first made available in 2009 and allow Canadians a way to invest money and have the growth grow tax free. Future withdrawals are also tax free. Unused contribution room can also be carried forward to future years, you need to be at least 18 years old and have a valid social insurance number.

Many people do not understand that a TFSA is not in itself an ‘account’, just like an RRSP is not in itself an investment. Both of these are ways to register an investment which can be many types including a daily savings account, GIC’s, mutual funds, or stocks, to name a few.

If you register an investment as a RRSP you can deduct the money you invest from your income that year but the money withdrawn is taxable.

If you register an investment as a TFSA you cannot deduct that contribution but the money withdrawn is tax free.

The primary purpose of a TFSA is to provide a tax-sheltered way to save money, which can be used for any medium or long-term purpose. For example, you may want to lay away funds for unexpected emergencies or save up for a large purchase.

In comparison RRSP’s are primarily intended to help Canadians save for retirement, but it’s important to understand that TFSAs and RRSPs can effectively complement each other in a comprehensive investment portfolio. In fact, you may benefit greatly from contributing the annual maximum to each in order to meet different savings goals.

Investment earnings within a TFSA and any withdrawals won’t affect other government programs such as GIS, old age security, or Canada child tax benefits, so it still may be advantageous to use this as a retirement program.

Many studies have been done as whether to register your investment as a TFSA or an RRSP, and the answer cannot be given until many questions are answered, such as your tax bracket today versus your expected tax bracket when you retire, as well as the type of investment you’re willing to hold. It’s best to talk to an advisor first to determine your unique situation.

Need more information?
You can visit the Government of Canada’s website at www.tfsa.gc.ca to learn more about TFSAs. To understand how TFSAs can benefit your unique situation and financial strategy, speak with an advisor.

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For a thorough evaluation of your insurance needs, please speak with our advisor.

Things to know about House and Home Insurance

This blog will cover some of the major issues that people face when taking out insurance in Victoria BC and how to avoid major pitfalls. If you are looking for an Insurance Broker in Victoria BC please contact us for a quote.

For those who aren't aware, House insurance in Victoria BC covers the owners private house for the financial costs against a range of eventualities (see below). As a policy, it combines a range of personal insurance protections, which generally include damage or loss to one's house, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the house owner, as well as liability insurance for accidents that may happen at the house.

A major issue that people fail to take into account when taking out house insurance is to ensure that the policy covers the full cost of the rebuild, not just the market value. It is also worth taking into account that similar houses in different neighborhoods will differ in market value but actually cost the same in terms of rebuilding costs (this is obviously dependent on the housing market and should be addressed when taking out a home insurance  in Victoria BC). Henceforth it is highly advisable for anyone looking for Home insurance In Victoria BC to explicitly ensure that the terms of the policy cover the entire rebuilding cost and take into account the market value fluctuations.

The exact cost of house insurance usually is dependent on what it would cost to replace the house and what extra riders (extra items or properties to be insured) are attached to the policy.

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Are you financially ready for a major health event?

According to a major life insurance company’s survey, nearly half of Canadians facing a major health incident such as cancer or stroke are struggling financially as a result of their illness.
Many people realize that a serious health event could impact their personal finances, but only a handful actually set aside money for such an event.

Most feel that the health care system is going to look after them but a lot of the care you need at home and in recovery is not necessarily covered. Even though these are covered by company health plans, most people still have to pay a percentage of the cost themselves.

Thousands of people across the country are self-employed or employed with no benefit plan.
Disability insurance protects your income if you cannot work due to illness or accident. And critical illness insurance pays a lump sum if you are diagnosed with a serious illness covered in the policy. But even with this coverage, it may not be enough.

The cost of prescription drugs have gone through the roof. It is not uncommon to have a prescription drug cost of $80,000 a year or more, and many people are found to tap into retirement savings, borrow from loved ones or remortgage or sell their home to pay these costs.

Such choices add to peoples stress levels as they battle a major illness. But despite knowing this most Canadians feel good about their physical and emotional health which add to a false sense of security.
Life insurance has been designed to relieve some of this stress for pennies on the dollar, but it may be time to add health insurance as well.

Health insurance can protect you against the high cost of catastrophic drugs and the stress it causes.

SPEAK WITH YOUR ADVISOR

For a thorough evaluation of your insurance needs, please speak with our advisor.

Disability Insurance for Seniors in Victoria, BC

If you have had a long term disability insurance plan either through your work or you purchased a personal policy you’ll know that it probably expires at age 65. No problem, you’re retired now and don’t need it anyway. Your pension and or savings resources are calculated perfectly to allow you just the right amount of income to last out your golden years.

However what would happen if your plans are all of a sudden disrupted by serious illness and you could no longer take care of yourself. A health problem can happen any time and it could seriously change your retirement plans. In fact, according to a Sunlife Canada Health Index just over three in four Canadians say their personal finances would be impacted if they were to develop a chronic health condition and a 2013 report on the health of Canadians, Heart and Stroke Foundation says that the average Canadian will live a decade in sickness, disability and immobility in life.

A Munich Re report in 2011 says the average 65 year old couple has an 82% chance that at least one of them will need long term care in their retirement. I realize this is a lot of statistics to grasp however if you are concerned about the financial challenges that would come about if this were to happen to you it’s time to look at a disability policy for seniors called Long Term Care Insurance.
Like disability insurance the amount you pay for long term care insurance depends on a number of factors.

How much you want – Depending on the plan some pay out a monthly benefit, some pay per day, some pay a lump sum spread out over a period of time.

How long you wait – You can start your payments immediately in some cases or have a 30, 90, or 180 days. Of course the shorter the waiting the more expensive it is.

How long does it last – Some as I indicated pay a lump sum but in most cases your benefit per day or month has a benefit period you choose.

There are other factors as well, depending on whether you want home care or facility care, and some companies will pay the benefit to you regardless. As long as you qualify according to the definition in the contract as being ‘disabled’ you receive the benefits.

The one thing to keep in mind is the reason for having the long term care insurance in the first place is to allow you choices. There are many government facilities, but many have a long waiting list and still ‘cost’ depending on your personal worth. However, is this you want? When you know of someone that has been placed in a public institution more than 250 kilometres away from home, the motivation for this insurance is much greater.

Make a list of the ten most important activities in your life. Imagine that you are 65 years old. Cross off three. Imagine that you are 75 years old. Cross off three more. Imagine that you are 85 years old. Cross off another three. Now imagine your reaction. 

SPEAK WITH YOUR ADVISOR

For a thorough evaluation of your insurance needs, please speak with our advisor.

Term Life Insurance or Term Insurance

Term Insurance is a Life Insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant time.  Once the relevant time expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either go without coverage or potentially obtain further coverage by different payment or conditions.  If the life insured dies during the term then the benefit will be paid to the beneficiary. 

Term Insurance is not generally used for estate planning needs or for charitable giving strategies, but it is used for pure income replacement needs for an individual. Because term life insurance is a pure death benefit, its primary use is to provide coverage of financial responsibilities for the insured or his or her beneficiaries. Such responsibilities may include, but are not limited to, consumer debt, dependent care, and university education for dependents, funeral costs, and mortgages. Term Insurance are categorized in two areas standard (also known as regular) and preferred which includes following factors.

• Age
• Gender
• Blood Pressure
• Build (height and weight)
•  Driving Habbits
• Medical/ Family History 

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The Need for Disability Insurance

When we think of our most valuable asset, I suppose our house comes to mind first, and then our vehicles. We would not go to sleep at night knowing our fire insurance was not paid for or drive on the road before insuring our brand new car.
But our most valuable asset is the very thing that pays for everything else – our ability to work. Yet too many people ignore the most important insurance we should own – long term disability insurance.

Consider that one in three people will be disabled for 90 days or longer at least once before age 65 and the average length of a disability that lasts over 90 days is 2.9 years.

Could you afford to take a holiday for three years without a pay check?
If you are one of the lucky ones that has disability insurance through your group plan at work you might be alright, but if not, or you are self-employed, it is time to think about insuring your most valued asset. And P.S., don’t rely on your ‘work safe’ insurance policy as your long term disability insurance plan; remember it only pays for accidents at work, leaving you uninsured for sickness and accident off the job. It’s like having fire insurance on your home that only pays if it burns down on a Sunday.

When considering long term disability insurance for yourself, there are several things to keep in mind and the price you pay will be dependent on several things. I will go through some of the most important aspects on purchasing disability insurance to help you familiarize yourself with the details.

First is-- how much do I need?
Consider all of your monthly expenses: mortgage, food, rent, utilities, loans, auto expenses, other insurance premiums, clothing, etc. You are allowed approximately 66% or your taxable income as a maximum benefit, but anything under that is your choice.

Second is-- how long does it pay?
You can purchase a plan that has a benefit period of two years, 5 years, 10 years, or to age 65. So the choice as to how long the money lasts is up to you.

Third is-- how long do I wait?
This means if you get sick tomorrow, how long do you wait before you receive your first cheque – 30 days, 60 days, 90 days or longer?

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Marine Insurance Victoria BC

Marine Insurance in Victoria BC covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired or held between the points of origin and final destination

A marine policy typically covered only three-quarter of the insured's liabilities towards third parties. The typical liabilities arise in respect of collision with another ship, known as "running down" (collision with a fixed object is a "harbour"), and wreck removal (a wreck may serve to block a harbour, for example).

The Marine Insurance Act includes, as a schedule, a standard policy (known as the "SG form"), which parties were at liberty to use if they wished. Because each term in the policy had been tested through at least two centuries of judicial precedent, the policy was extremely thorough.

Actual Total Loss and Constructive Total Loss

 

These two terms are used to differentiate the degree of proof where a vessel or cargo has been lost. An actual total loss occurs where the damages or cost of repair clearly equal or exceed the value of the property. A constructive total loss is a situation where the cost of repairs plus the cost of salvage equal or exceed the value.

The use of these terms is contingent on there being property remaining to assess damages, which is not always possible in losses to ships at sea or in total theft situations. In this respect, marine insurance differs from non-marine insurance, where the insured is required to prove his loss. Traditionally, in law, marine insurance was seen as an insurance of "the adventure", with insurers having a stake and an interest in the vessel and/or the cargo rather than simply an interest in the financial consequences of the subject-matter's survival.

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Long Term Care Insurance Victoria, BC

Long Term Care Insurance protects the insured against care costs that arise when they can no longer 
care for themselves. These contracts can provide a daily benefit ($10-$300) to cover care-costs incurred
in the Insured's home or in a government or private facility.

Long Term Care insurance pays out only when the insured requires care which is judged based on their 
inability to perform a predetermined number of activities of daily living (i.e transferring, bathing, eating etc) 
Most contracts will pay if care is required due to either physical or cognitive impairment. The daily benefit 
is paid out after a predetermined elimination period and is payable for a predetermined length of time 
called a benefit period (1 year, 2 years or lifetime).

Get insured by Long Term Care Insurance which protect against care cost that arise when they can no longer care for themselves. Get expert advice to guide you Call now (250) 592-4887 or click here for more information.